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10 Mar 2024

Esgian Week 10 Report: Additional Backlog Secured

© freddytb Foto / Adobe Stock

Esgian reports that offshore drilling contractors secured additional backlog in the U.S. Gulf of Mexico, Egypt, Nigeria, and Brazil and operators confirmed new discoveries in Indonesia, Côte d’Ivoire, and China in its Week 10 Rig Analytics Market Roundup.ContractsDiamond Offshore has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the 12,000-ft drillship Ocean BlackHornet.Shelf Drilling’s 250-ft jackup Rig 141 has secured a two-year…

14 Nov 2023

Kremlin, on US Probe into Oil Sanctions, Says Russia Acting in Own Interests

© Vallehr / Adobe Stock

The Kremlin said on Tuesday that Russia was acting in its own interests when asked about a probe by the United States into alleged violations of Western oil sanctions on Moscow.Kremlin spokesman Dmitry Peskov also told a daily conference call with reporters that President Vladimir Putin would hold a meeting on the fuel and energy complex later on Tuesday.The U.S.

06 Sep 2023

US Offshore Wind Projects Seek Looser Subsidy Rules in Fight for Survival

©Cavan/AdobeStock

A fleet of U.S. offshore wind projects central to President Joe Biden's climate change agenda may not move forward unless his administration eases requirements for subsidies in the year-old Inflation Reduction Act, according to project developers.Norway's Equinor, France's Engie, Portugal's EDP Renewables, and trade groups representing other developers pursuing U.S. offshore wind projects told Reuters they are pressing officials to rewrite the requirements, and warning of lost jobs and investments otherwise."The components needed for our projects to progress simply do not exist in the U.S.

13 Apr 2023

Employers Say Union is Disrupting Work at Southern California Seaports

© angeldibilio / Adobe Stock

The Pacific Maritime Association on Thursday said the largest longshore union local on the West Coast disrupted work at the nation's busiest seaport complex for the second week in a row, as labor talks covering 22,000 dockworkers from California to Washington state approach the one-year mark.Frustration is growing over the lack of resolution in the talks, which started in May.

10 May 2022

Fuel Tax Repeal Victory in New York State

Copyright MishaelPervak/AdobeStock

The New York State Petroleum Business Tax (PBT), Article 13-A levies a tax on fuel consumption of commercial vessels operating on the waters of New York State. The PBT has long been a source of contention for operators of tug boats and towing vessels transiting New York State waters because of the difficulty to accurately calculate the tax due the state. This led to many long drawn out audits of vessel operators by the state, resulting in unacceptable additional taxes, interest and fines.Over the years, multiple efforts were made by industry groups to repeal the PBT legally without success.

07 Mar 2022

Recovery, Resilience and Demand Shifts to Drive Inland Waterway Cargo Flows

(Photo: Blessey Marine Services)

Waterway traffic is coming back. November 2021 saw 52.1 million tons moving on the U.S. inland waterway system, the highest monthly tonnage since October 2019, a few months before the onset of the COVID-19 pandemic, and the shutdowns and stoppages of early 2020. Flows estimated by the Bureau of Transportation Statistics (BTS), part of the U.S. Department of Transportation, based on data from the U.S. Army Corps of Engineers (USACE) show a 25% rise from June 2020. Data in a presentation by The Waterways Council Inc (WCI)…

03 Dec 2021

Gas Price Windfall Makes Gazprom Patient Over Nord Stream 2 Delay

Credit: Nord Stream 2 (File Photo)

Windfall revenues from high European gas prices mean Russia's Gazprom will not start pumping gas through the Nord Stream 2 pipeline before certification and it will not press Germany to speed up the process, two sources said.Pumping gas without the German approval would only incur a modest fine, but as Germany gets new political leadership and Russia's ties with the West are severely strained, a source at Gazprom said it was content to wait."We don't want to seek faster approval for the pipeline.

17 Sep 2021

Quick Nord Stream 2 Start-up Would Calm Record-high Gas Prices in Europe, Kremlin Says

Credit: Nord Stream 2

A rapid startup of the Nord Stream 2 gas pipeline from Russia to Germany could help calm record-high gas prices in Europe, Kremlin spokesman Dmitry Peskov told reporters on Wednesday, as Moscow awaits for regulatory clearance for gas flows to begin.Russia announced last week that it had completed construction of the $11 billion Nord Stream 2 to Germany, doubling its gas exporting capacity via the Baltic Sea. However, the start of gas flows via the route needs the approval of Germany's regulator…

13 May 2021

ABB Rolls Out Blended Learning Program for Azipod Users

First to complete the Blended Learning program was the crew for PONANT’s new vessel, Le Commandant Charcot (Photo: ABB)

ABB Marine & Ports said it has developed a new Blended Learning program for Azipod propulsion in response to customers’ requests for safe and efficient training of crews during global travel restrictions.The new program combines traditional classroom training with instructor-led lessons via conference call, assignments and e-learning available on the ABB Marine Academy digital learning platform; remote simulator training developed with support from the Aboa Mare Maritime Academy and Training Center in Turku…

11 May 2021

US Greenlights Its First Major Offshore Wind Farm

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The Biden administration on Tuesday said it has approved the nation's first major offshore wind farm, billing it as the launch of a new domestic energy industry that will help eliminate emissions from the power sector.The move, however, was quickly condemned by fishing industry interests who said their concerns about the project's impact on things like fish stocks and vessel traffic had been "met with silence" by government officials.The Vineyard Wind project off the coast of Massachusetts is intended to create enough electricity to power 400…

06 Aug 2020

NOAA Raises Predicted Number of Tropical Storms to Record High

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The U.S. National Oceanic and Atmospheric Administration (NOAA) on Thursday predicted up to 16 more named tropical storms this year, to as many as 25, the highest in the agency's history.The 2020 Atlantic hurricane season, which began on June 1, has already produced nine named tropical storms, two of which reached hurricane strength, including Isaias that lashed the North American Atlantic coast this week."We've never forecast up to 25 named storms, so this is the first time," said Gerry Bell…

10 Jul 2020

Carnival to Resume Voyages in Phases

© Ruth P. Peterkin / Adobe Stock

Carnival Corp said on Friday it was planning to resume operations in a phased manner and would operate with a smaller fleet on its return, months after suspending trips due to the COVID-19 pandemic.The company’s shares, that have lost more than two-thirds of their value this year, rose as much as 11% to $16.12 in morning trading.The world’s largest cruise operator said it has reduced capital expenditures by more than $5 billion over the next 18 months and raised a couple more billions to navigate through the virus outbreak.The cruise business has been one of the worst hit after several ships,

15 May 2020

Interferry Welcomes Easing of Travel Restrictions

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Trade association Interferry says it welcomes the European Commission’s guidance on the gradual relaxation of travel restrictions during the COVID-19 pandemic and relaunching of transportation links that will go into effect in advance of this summer’s travel and tourism season.“We welcome the growing signs in Europe and beyond that COVID-19 lockdown restrictions are starting to be eased,” says Interferry CEO Mike Corrigan. “The global ferry industry is prepared to contribute to…

14 May 2020

Disney Suspends Cruises Through July 27

(Photo: Disney Cruise Line)

Walt Disney Co announced on Wednesday it has suspended all new departures on its Disney Cruise Line through July 27 as the coronavirus outbreak continues.On its website, the company said guests currently booked on affected cruises will be offered either a credit to be used for a future sailing within 15 months of their original sail date, or a full refund.As a result of the “No Sail Order” issued by the U.S. Centers for Disease Control and Prevention (CDC), cruises in the United States are banned until July 24.On a May 5 conference call to discuss the company’s second-quarter results…

07 May 2020

US Barging Industry Navigating Black Swan Events

(Photo: Campbell Transportation Company)

The combination of the coronavirus pandemic and oil price freefall have affected most maritime markets, including inland waterway shipping. Looking at U.S. river transport in particular, the impacts of these two black swan events vary greatly depending on the type of cargo being carried.David Grzebinski, CEO of the America’s largest tank barge operator, Kirby Corp., said in a March conference call that petrochemical customers have driven the market higher as plants and refineries look to shore up their supply chains amid current market upheavals…

28 Apr 2020

US Navy Pays Contractors $600 Mln That Had Been Withheld

File photo (U.S. Navy photo by Keith Simmons)

The U.S. Navy has paid defense contractors $600 million it had withheld due to poor workmanship, hoping the funds would shore up finances for suppliers ravaged by the coronavirus-driven economic downturn, a Navy official said on Tuesday.The move, which follows a similar action taken by the Air Force that released billions of dollars in payments, is aimed at replacing revenue vital Pentagon suppliers have lost in their non-military businesses as the spreading coronavirus has halted…

21 Apr 2020

Norway Deciding Whether to Cut Oil Output

(Photo: Equinor)

Norway's oil minister reiterated on Tuesday that Western Europe's largest oil producer was soon to conclude whether to cut its output following historical curbs agreed by the OPEC+ group.Brent crude front-month contract fell to $18.10 a barrel on Tuesday, its lowest since December 2001, after U.S. May futures dropped to minus $40 a barrel on Monday due to worries about the novel coronavirus pandemic's impact on fuel demand."We have not yet concluded. It will happen soon," Oil…

21 Apr 2020

Wartsila Says Share of Renewable Energy Up Rapidly Amid COVID-19

Finnish ship technology and power-plant maker Wartsila said on Tuesday the coronavirus outbreak has caused the share of renewable energy in Europe's power production to increase rapidly.The pandemic has caused demand for electricity to fall across Europe, Wartsila said, according to data it collected and analysed.Countries such as Germany, Spain and Britain have had to temporarily shut down coal-fired power generation, causing the share of renewable energy to increase rapidly in the power mix."Take Germany last week, they actually had over 10 gigawatts of excess energy production because they were still running their coal-fired plants ...

24 Mar 2020

Work from Home: Energy Traders Swap Shouts for Babies, Barking Dogs

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SINGAPORE, March 24 -- From banks of screens and giant phones in the office, energy traders worldwide are adapting to a laptop in the bedroom -- and it's going surprisingly well.Working from home has become the new norm in the oil trading hubs of Singapore, London and New York as governments encourage physical distancing to curb the spread of coronavirus.While some energy companies have long had facilities in place to allow off-site access to trading platforms and other technology…

19 Mar 2020

Remote Working: Tips for Shipping Companies to Sustain Business During the Coronavirus Pandemic

© Evrymmnt/AdobeStock

As companies globally are increasingly shifting to remote working to help stop the spread of Coronavirus, Hanseaticsoft has put together a series of tips to help shipping companies keep their business and workforce agile.Some of the biggest companies in the world including Oracle, Apple, Google and Amazon have already restricted travel and asked employees to work remotely[i]. With the situation changing daily shipping companies need to prepare as much as they can to minimize business disruption.

08 Dec 2019

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.

10 Jan 2020

Interview: Ed Grimm, CEO, Southern Towing Company

Ed Grimm, (second from left) CEO, Southern Towing Company during a crew visit.

“In God we trust. All others must have data.”When Ed Grimm took the helm of Southern Towing Company (STC)as President and CEO, he inherited an enviable team of leaders, engineers, mentors, communicators and analysts. Today STC is a clear leader on the inland waterways, pioneering and proving the business and safety value of Z-Drives on the river towboats.How did you come to the top spot at Southern Towing Company?I started in the energy industry at 16 working at an oil storage depot in New York Harbor, working there through high school and putting myself through college.

29 Oct 2019

Milaha's 9-months Net Profit Up 5%

Qatar Navigation (Milaha) reported a 5% year-on-year increase in net profit to QR419mn in the first nine months of this year on account of the earnings expansion in its maritime and logistics business as well as gas and petrochem.The company's earnings-per-share was QR0.37 compared to QR0.35 for the same period in 2018. Operating revenues stood at QR1.83bn for the nine months ended September 30, 2019, against QR1.81bn for the same period in 2018.Milaha Maritime & Logistics’ operating revenue increased by QR 18 million and net profit by QR 52 million, driven by lower vessel impairments and higher profit from our ports business.Milaha Gas & Petrochem’s operating revenue dropped by QR 14 million, with net profit increasing by QR 238 million against the same period last year.

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